A huge business enterprises in Lagos has been taken over completely by Skye Bank plc over issues of debt.
It has been revealed that Skye Bank Plc has taken possession of the tank farms and business premises of Obat Oil.
Obat Oil which is located in Apapa Business District of Lagos State, is owned by flamboyant business magnate and Olugbo of Ugboland in Ondo State, Oba Fredrick Obateru-Akinruntan.
According to Daily Post, the bank took possession of the oil company Friday afternoon.
The development followed an October 28, 2016 ruling of a Federal High Court in Lagos over an outstanding debt to the Bank in excess of N1.5 billion by Obat Oil.
The ruling was given by Justice Jude Dagat.
There is no reaction from the company as at press time.